2025 Results: Racing Force Shatters Records
Racing Force Group seals its 2025 performance with a series of records: increased revenue, improved operating margins, and optimized cash flow. However, behind this facade of dynamism, a different reality emerges. The group invested 13.6 million euros during the fiscal year, transforming its net financial position. This divergence between operational success and increasing debt reveals the challenges of a company in expansion phase within a volatile macroeconomic context.
Revenue Growth and Operational Efficiency
The group's consolidated revenues reached 73.1 million euros in 2025, up 11.4% from 65.7 million in 2024 (a 12.3% increase at constant exchange rates). This growth is driven by two main factors: technical equipment for drivers under the OMP brand and Bell helmets, boosted by the success of new models certified according to recent safety standards. Geographically, Europe remains the group's stronghold with 67% of revenue and a 14.6% increase, while the Americas saw an 8.4% rise. The adjusted EBITDA was 12.8 million euros, representing a 17.5% margin, compared to 10.5 million (16.0%) in 2024. This improvement primarily reflects the evolution of the product mix towards categories with structurally higher margins and operational optimization resulting from the investments made.
Cash Flow Dynamics and Financial Position
Operational cash flow peaked at 10.6 million euros, up from 7.6 million in 2024, with an impressive cash conversion rate of 83.4% (previously 72.0%). This performance demonstrates the group's ability to convert its EBITDA into cash. However, these 10.6 million euros only partially financed the 13.6 million euros of investments made: expansion of the headquarters in Ronco Scrivia, commissioning of the second stage of the production site in Bahrain, and acquisition of machinery and equipment. As a result, the net financial position shifted from a surplus of 63 thousand euros at the end of 2024 to a net debt of 7.8 million euros on December 31, 2025. The group also paid out 2.5 million euros in dividends, reflecting confidence in its trajectory but weighing on its available resources.
Promising Outlook Amid Geopolitical Tensions
The prospects look promising despite tense geopolitical contexts. The group recorded a record level of orders in the first quarter of 2026, signaling strong demand in motorsport. On the diversification front, new helmets intended for defense and law enforcement, showcased at two international trade fairs at the beginning of 2026, have generated significant interest. Key milestones in 2026 include the certification of the integrated gas mask system for the Riot helmet, expected later in the year, and securing the first significant order from Lift Airborne Technologies LLC. The group also anticipates a positive contribution from its strategic collaboration with adidas in Formula 1, where OMP supplies the suits to the Mercedes-AMG Petronas teams and, from 2026, to the Audi Revolut F1 Team. Meanwhile, the workforce has increased by 44 employees, in line with the announced investment plan. For investors, the challenge remains balancing diversification ambitions with the ability to generate a sufficient return on investment to justify the group's increasing debt.
